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March 2018 Nantucket Real Estate Market Insights

It’s unclear which was a bigger force in the first quarter of 2018: mother nature or the Nantucket real estate market. Nor’easter after nor’easter didn’t deter buyers as first quarter sales bested every quarter since 2005 with 121 transactions totaling $266 million in dollar volume. These figures were 38 percent and 54 percent ahead of 1Q17 on respective basis and are only surpassed by the 154 transactions that took place in 2005 (though dollar volume was $251 million at the time). Home sales rose despite declining inventory and vacant land sales surpassed the five-year average. In digging into sales data, what is most interesting is that some properties are trading for less than the original purchase price within the last one to five years. Further, we are still seeing homes marketed for longer than one year (and in some cases, many more), even in this market. It is a prudent reminder to buyers, sellers and agents that pricing is as important as ever. Here are Fisher’s first quarter market insights…

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Jennifer Shalley Allen

Jen first stepped foot on the shores of Nantucket while working a summer job at the White Elephant while studying at the University of Virginia. It wasn’t until 2008, after having spent six years in the financial sector at Citigroup and then Wachovia, that she was drawn back to the island more permanently. Since that time, Jen has worked on an impressive array of real estate transactions exceeding $240 million. This includes, among others, two of the island’s largest and most complex vacant land transfers, several commercial transactions, and many single-family home sales, from high-end residential estates to lender-owned asset dispositions. Capitalizing on her extensive background in finance and market knowledge, Jen is well known for her unparalleled “Nantucket Real Estate Report,” an in-depth monthly market commentary and analysis that has been quoted by CNBC and The Boston Globe.

When not showing properties or researching the Nantucket real estate market, Jen can be found volunteering with Swim Across America Nantucket, a local fundraising event for cancer treatment and patient care at Nantucket Cottage Hospital or sitting on committees for other Nantucket nonprofits. She loves traveling, spending time outdoors with husband Mike and lab Sammy, and is an avid runner, cyclist and triathlete.